BCAT vs FNGD: Correlation
BlackRock Capital Allocation Term Trust (BCAT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAT and FNGD?
Across a 3-year window, the weekly returns of BCAT and FNGD correlate at -0.58, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.55 lands near the 3-year figure. Stretching to 5 years gives -0.61, with an annualized covariance of -575.4 %².
FNGD is close to the least connected end of BCAT's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with BCAT ahead by 87.9 points (+32.2% versus -55.7%). One caveat on sizing: FNGD is 5.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BCAT vs FNGD: side by side
| BCAT (BlackRock Capital Allocation Term Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +32.2% | -55.7% |
| 5-year return | +49.6% | -99.4% |
| Volatility (ann.) | 13.1% | 75.7% |
| Beta vs S&P 500 | 0.60 | -4.54 |
| Max drawdown (3Y) | -13.7% | -97.6% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAT | FNGD |
|---|---|---|
| 2022 | -22.6% | +52.2% |
| 2023 | +19.3% | -90.1% |
| 2024 | +19.4% | -76.6% |
| 2025 | +16.8% | -61.4% |
| 2026 | +28.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.58, BCAT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCAT and FNGD?
The BCAT/FNGD correlation stands at -0.58 on a 3-year window (1 year: -0.55, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BCAT?
Yes. With a correlation of -0.58, BCAT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcat-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcat-vs-fngd/)
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Related comparisons
Hubs: BCAT correlations · FNGD correlations
